Quick View Chart: NZD/USD Hourly…recovery?

22 November 2016/10:55 a.m. ET

[Last 0.7035]:  The NZD/USD daily chart is looking very interesting—symmetry suggesting at least another minor recovery is due before a big break lower.  The hourly setup tends to support the recover view with minimum target to 0.7144 (38.2% retrace); but with scope for more on the back of the rebound in key commodities. Below the hourly chart indicates a decent probability a five wave impulse sequence is complete at 0.6982; which also represent critical support near-term (daily momentum is flat and starting to work higher).  Near-term showing another push lower in minor Wave (b) of and expected correction higher.  Waiting for a turn in near-term momentum before pecking long…

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